Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10921 Do More Informed Citizens Make Better Climate Policy Decisions? Michael M. Lokshin Iván Torre Michael Hannon Miguel E. Purroy Europe and Central Asia Region Office of the Chief Economist September 2024 Public Disclosure Authorized Policy Research Working Paper 10921 Abstract This study explores the relationship between perceptions of catastrophic events and beliefs about climate change. ...

Policy Research Working Paper 10919 Public Disclosure Authorized Public Disclosure Authorized Regenerative Agriculture in Practice | --- | --- | |-------|-----------------| | | | | | | | | | | | | | | A Review | | | | | | Andrew Dabalen | | | Aparajita Goyal | | | Ruozi Song | Africa Region Office of the Chief Economist September 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10919 Abstract Regenerative agriculture, a farming approach that focuses on soil health ...

Industry Overview - The study focuses on the impact of leadership turnover in local bureaucracies, particularly in Indonesian villages, and its effects on bureaucratic performance and public service provision [1][2] - The research highlights the role of village elections in disrupting nepotistic networks and improving governance at the grassroots level [2][5] Key Findings - Leadership turnover in village elections leads to a revitalization of local bureaucracies, with new leaders appointing more officials, engaging in promotions and demotions, and setting higher salaries [8][34] - Turnover reduces the prevalence of nepotistic networks, with new leaders less likely to employ relatives or bureaucrats with family connections to previous administrations [36][37] - Bureaucrats under new leadership report higher morale and motivation, leading to increased interactions with citizens and better alignment with their needs [40][42] - Electoral turnovers improve the quality of public service provision, particularly in locally managed services such as garbage collection and street lighting [49][50] Mechanisms and Implications - The positive effects of turnover on bureaucratic performance are driven by the disruption of nepotistic networks, which allows for more meritocratic governance and improved service delivery [60][61] - Newly elected leaders who successfully reduce nepotism achieve the most substantial improvements in bureaucratic performance and public goods provision [59][60] - The study suggests that regular, free, and fair elections are crucial for ensuring accountability and improving governance at the local level [68] Data and Methodology - The analysis is based on a large-scale survey conducted in 852 villages across Indonesia, combined with administrative data on public goods provision [6][19] - The study employs a regression discontinuity design (RDD) to estimate the causal effects of electoral turnovers on bureaucratic performance and public service provision [24][25]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The paper challenges the widely held belief that younger generations are more concerned about climate change than older generations, presenting evidence that older individuals may be equally or more concerned about climate change [2][9][46] - The findings indicate that older respondents are more likely to oppose tax increases for climate policies, reflecting a general decline in willingness to pay taxes with age rather than a specific aversion to climate change financing [9][60] - The study utilizes data from 38 countries in Europe, Central Asia, and the Middle East, collected during the 2023 Life in Transition Survey, to analyze the relationship between age and climate change attitudes [2][33] Summary by Sections Introduction - The concept of a "climate change age gap" is introduced, suggesting that younger people are perceived to care more about climate change due to their longer expected lifespan under adverse conditions [6][8] - The paper aims to explore this notion and its implications for climate policy implementation [6][7] Literature Review - Previous studies show mixed results regarding age as a predictor of climate change beliefs, with some indicating younger individuals are more concerned while others find minimal differences [12][14][16] - The literature highlights various socio-structural and psychological factors influencing climate change beliefs across different age groups [12][18] Theoretical Framework - A theoretical model is developed to explain how age-related factors influence perceptions and willingness to act on climate change [21][26] - The model suggests that older individuals may have heightened concerns about climate change impacts due to their increased vulnerability [21][30] Data - The analysis is based on the 2023 Life in Transition Survey, which includes a representative sample from 38 countries, focusing on climate beliefs and actions [33][34] - Key questions assess personal beliefs about climate change and willingness to support government actions through taxes [33][35] Empirical Results - The results show that older individuals are generally more concerned about climate change impacts on future generations but are less willing to pay higher taxes for climate policies [46][60] - A significant age gradient is observed in willingness to support climate change actions, with younger individuals showing higher willingness to pay [44][60] Conclusion - The study concludes that the perceived age gap in climate change concern may be overstated, with older individuals demonstrating significant concern but lower willingness to finance climate actions through taxes [9][60] - The findings suggest that policymakers should consider these dynamics when designing climate policies to ensure broad support across age groups [9][60]

ab 12 September 2024 Global Research and Evidence Lab | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------| | | | | Eu ...

Investment Rating - The report assigns an "Attractive" investment rating to the industry [1]. Core Insights - The headline Total Social Financing (TSF) growth moderated to approximately 8% year-on-year (YoY) in August, indicating a more rational loan extension which is expected to stabilize loan yields [1][2]. - Government bond issuance is anticipated to be a primary support for investment and consumption in the second half of 2024 [1]. - The report forecasts TSF growth to remain around 8% for 2024, with a potential decline below this level, which is viewed positively for the long-term sustainability of the financial system [1][2]. - Credit growth is expected to slow to approximately 7% in 2025, which will help close the gap between credit supply and demand, thereby supporting loan yields through more market-oriented pricing by banks [1]. Summary by Sections TSF Growth and Loan Dynamics - TSF growth moderated to 8.1% YoY in August, with RMB loan growth also at 8.1% YoY [2][3]. - The moderation in loan growth is attributed to efforts to reduce self-circulating loans and a rationalization of loan growth as banks focus on risk containment [1][3]. - Long-term corporate loans remain weak, influenced by policies on capacity control and fair competition rules [1]. Government Bonds and Investment Support - Government bond issuance increased by 15.8% YoY, providing significant support for investment and consumption [2][3]. - The report highlights that government bonds will likely be utilized to bolster investment and consumption in the latter half of 2024 [1]. Household and Corporate Deposits - Household deposit growth remained stable at 10.9% YoY in August, while corporate deposits declined by 3.9% YoY [1][11]. - The stability in household deposits is seen as a positive indicator for fee income rebound in the second half of 2024 [1]. Loan Types and Trends - Short-term household loans saw a significant decline of 52% YoY, while long-term household loans are experiencing a slower decline [1][11]. - The report notes that mortgages are gradually stabilizing, attributed to lower early repayments and some recovery in demand due to lower mortgage rates [1]. Valuation Comparisons - The report includes valuation comparisons for various Chinese banks, indicating a range of price-to-earnings (P/E) and price-to-book (P/B) ratios, with several banks rated as Overweight (OW) [12][13].

Michael Feroli (1-212) 834-5523 michael.e.feroli@jpmorgan.com JPMorgan Chase Bank NA Michael S Hanson (1-212) 622-8603 michael.s.hanson@jpmchase.com JPMorgan Chase Bank NA Murat Tasci (1-212) 622-0288 murat.tasci@jpmchase.com J.P. Morgan Securities LLC Abiel Reinhart (1-212) 270 4058 abiel.reinhart@jpmchase.com JPMorgan Chase Bank NA United States • At the September FOMC meeting, we expect the Fed will do what it "should" do and cut 50bp... • … warranted by a shift in the balance of risks and a desire to pr ...

J P M O R G A N North America Fixed Income Strategy 13 September 2024 Phoebe White AC (1-212) 834-3092 phoebe.a.white@jpmorgan.com J.P. Morgan Securities LLC Liam L Wash (1-212) 834-5230 liam.wash@jpmchase.com J.P. Morgan Securities LLC • Economics: Core CPI surprised to the upside, rising 0.28% in August supported by a jump in OER. We continue to expect the Fed will lower the policy rate by 50bp at next week's FOMC meeting. We expect the median dots will show 100bp of easing by YE24 and another 150bp of ea ...

Embrace data to accelerate sustainability Contents Executive summary 4 The business case for sustainability is compelling 5 Poor reporting and data challenges obscure sustainability efforts 7 Integrate ESG data for enhanced transparency 10 Conclusion 13 Methodology 14 Partner with Capgemini 16 Ask the experts 17 Key contacts 18 Acknowledgments 19 Endnotes 20 2 Embrace Data to Accelerate Sustainability Introduction As the planet warms, climaterelated disasters and illnesses are becoming more frequent. The co ...

Note: The following is a redacted version of the original report published August 29, 2024 [73 pgs]. EQUITY RESEARCH | August 29, 2024 | 3:58 AM BST GS SUSTAIN Nature & Biodiversity Analysing risks and opportunities through a new Nature Data Tool As more companies focus on Biodiversity and Nature to both meet corporate sustainability strategies and manage business risks, we see rising interest by corporates and Sustainable investors to quantify Nature-related performance, risk and enablement. With this repo ...